Thank you, and welcome everyone to Bit Digital's first quarter 2026 earnings call. Joining me today are Samir Tabar, our Chief Executive Officer, and Erke Huang, our Chief Financial Officer. I'd like to remind everyone that certain statements made during today's call may be forward-looking. These statements are subject to risks and uncertainties that could cause results to differ. For a discussion of these risks, please refer to our SEC filings, including our Form 10-Q filed today. Throughout the call, we may also refer to non-GAAP financial measures. Reconciliations to the most direct comparable GAAP measures can be found in our earnings materials available on our website. Unless otherwise indicated, figures discussed during these remarks are rounded for readability. Following our prepared remarks, we will open the call for questions. With that, I'll turn the call over to Sam. Sam? Thank you, Daniel, and thank you everyone for joining us. Before I begin, I would like to extend a hand of welcome to our new Head of Investor Relations, Daniel Kennedy. He was formerly a board member, advisor, and director to publicly listed companies across the digital asset, crypto, fintech, and AI infrastructure sectors. Welcome aboard, Daniel, and we look forward to your ability to share the Bit Digital story and trajectory to our shareholders. Bit Digital continued advancing its strategic asset transition during the first quarter. Our business today is centered around three verticals: Ethereum treasury and staking, AI infrastructure through White Fiber, and building durable cash flow through disciplined capital allocation. We believe these businesses complement each other. Ethereum provides long-term treasury exposure and staking yields. White Fiber provides exposure to AI infrastructure and compute demand. Over time, we expect additional operating businesses to support recurring revenue generation across the platform. Starting with Ethereum. We continue viewing Ethereum as foundational infrastructure for digital assets and on-chain financial activity. Our approach remains disciplined. We are focused on increasing ETH per share over time while maintaining balance sheet flexibility and capital efficiency. Turning to our WhiteFiber holding. WhiteFiber remains a core strategic asset for Bit Digital and provides critical exposure to AI infrastructure, where demand for compute continues exceeding available supply. We expect these constraints to persist, presenting opportunities which we believe we are uniquely positioned to capitalize on. We continue viewing WhiteFiber as a long-term holding and do not intend to monetize the position in 2026. Our company has a long history of execution in HPC, delivering projects on time and on budget to customers and partners. Importantly, Bit Digital continues to maintain a significant ownership position in WhiteFiber. The company held approximately 27 million WhiteFiber shares with a market value of approximately $322.1 million as of the end of March 2026. Turning briefly to mining. We continued reducing exposure to Bitcoin mining during the quarter. Mining remains cash flow generative. It is no longer a strategic growth priority. Capital will continue shifting towards Ethereum and infrastructure-related opportunities. Turning to the convergence and the constraint. We believe AI and Ethereum are converging. We are uniquely positioned through our exposure to AI infrastructure, the Ethereum ecosystem, and strategic acquisitions. At the same time, demand for compute and power continues to exceed available supply. We believe compute itself is becoming sufficiently scarce and valuable to emerge as a new asset class. We are strategically positioned to capitalize on both the convergence and the constraint. Finally, we will continue evaluating opportunities to expand recurring cash flow generation across our strategic asset platform. We remain disciplined in our approach and focused on long-term value creation rather than transaction volume. I'll now turn the call over to Erke. Thank you, Sam. Our first quarter 2026 results reflect the continued repositioning of the business toward infrastructure, staking, and treasury operations. Total revenue for Q1 was $27.9 million compared to $32.3 million in Q4 2025. This represents a decrease of 13.7% quarter-over-quarter. Cloud services revenue was $16.8 million, down 13.1% Q-over-Q. Colocation services revenue was $4.8 million, up around 23.9% quarter-over-quarter. Staking revenue, Ethereum staking revenue was $2.3 million, down roughly 29.4% quarter-over-quarter. The decline reflected lower average Ethereum prices and lower natively staked balances. Digital asset mining revenue was $3.7 million, down just under 33% quarter-over-quarter, reflecting lower Bitcoin production and lower average Bitcoin prices during the quarter. As of March 31st, the company held approximately 155,444.41 Ethereum. As of April 30th, approximately 60,677 Ethereum remained natively staked. Based on closing Ethereum price of around $2,104 per Ethereum on March 31st, the market value of the company's Ethereum holding was $327 million. The company's average Ethereum acquisition price for all holdings was approximately $3,045 as of March 31st, 2026. Revenue mix continued shifting away from mining and towards Ethereum staking, cloud business, and colocation operations. We believe the transition continued creating a more durable and scalable operation model centered around infrastructure, staking, and treasury management activities with lower dependency on legacy mining operations. Net loss was $146.7 million in Q1 2026 compared to $185.3 million in Q4 2025. Results continue to be impacted by non-cash mark to market adjustments on digital assets. Turning to the balance sheet. Cash and cash equivalents were $79.5 million as of March 31st, compared to $118.4 million as December 31st, 2025. Digital assets totaled $295 million in quarter end, compared to $415.7 million as of December 31st last year. The decline primarily reflected a lower Ethereum price in quarter end rather than reductions in holdings. Ethereum price is roughly $2,300 as of writing and has traded in the range between roughly $1,800 and, you know, $2,400 since early February. Convertible notes increased to $334 million, with increase driven by the issuance of the notes by WhiteFiber, which are consolidated within our financial statements. As of April 30th, approximately 60,677 Ethereum remained natively staked. Total Ethereum holdings were approximately 155,461 Ethereum with a blended acquisition cost basis of around $3,028 per Ethereum. Overall, our financial profile continues evolving towards infrastructure, staking, and treasury management, with reduced contribution from legacy Bitcoin mining operations. I will now turn the call back to Sam. Thank you, Erke. Bit Digital has become accustomed to being early and making bold calls. When you make calls early, criticism usually comes before consensus. We believe Ethereum will become the core settlement infrastructure for the future digital financial system. We believe we are simply early again. Stable coins, tokenized assets, and on-chain settlement activity are already scaling rapidly on Ethereum-compatible infrastructure. Ethereum hosts the majority of stable coin supply by market value and remains the dominant settlement layer for institutional stable coin activity. BlackRock launched its tokenized money market fund on ETH. We believe the broader financial system is increasingly moving toward regulatory and institutional integration with digital asset infrastructure. We share the belief that everything of value will become eventually tokenized. Ethereum is also home to innovation in areas like zero-knowledge payments. We do not believe this is temporary. It is only the beginning. Also, automated agentic workflows will increasingly transact without human intervention. The first iteration is likely to involve highly specialized agents interacting with each other to complete complex tasks automatically within predefined constraints. This will require a medium to exchange value. Ethereum offers programmable pragmatism through smart contracts. We also continue expanding our relationships across the Ethereum ecosystem. During the quarter, Bit Digital was approved by the Ethereum Foundation to purchase ETH directly from the foundation. We view that as an important validation of our long-term commitment to the ecosystem. More on that in the future. We also continue actively executing on our Ethereum treasury strategy and expect to provide a material update in the very near term. At the same time, we remain active evaluating strategic acquisition opportunities aligned with our infrastructure and treasury strategy. We are currently engaged in ongoing diligence around a potential acquisition target that will contribute revenues to Bit Digital. Our focus remains disciplined and long-term. We intend to continue building a business at the crossroads of Ethereum infrastructure, AI and HPC infrastructure, and durable cash flow through strategic acquisitions. We believe Ethereum infrastructure and AI compute infrastructure are not separate strategies, but components of a single integrated platform aligned with the future digital financial system. Yesterday, the Clarity Act advanced through the Senate Banking Committee and now moves forward in the Senate approval process. Passage of the Clarity Act would represent a meaningful step forward for Ethereum and the broader digital asset ecosystem. Clearer market structure and regulatory clarity would support increased institutional participation and continued development of Ethereum-compatible financial infrastructure. The goal remains straightforward: maintain balance sheet flexibility, allocate capital efficiently, and continue compounding long-term shareholder value. With that, I'd like to open the floor for some questions. Are there any analysts on the call? Thank you. If you would like to ask a question, please signal by pressing star one on your telephone keypad. If you're using a speakerphone, please make sure your mute function is turned off to allow your signal to reach our equipment. Again, if you would like to ask a question, you press star one on your telephone keypad. We will pause for just a moment to allow everyone an opportunity to signal for questions. We will now take your first question coming from the line of Nick Giles with B. Riley Securities. Hi, Nick. Yeah. Thanks. Hey, guys. Yeah. Thanks very much. You know, my first question was just along the lines of BTBT is trading at a discounted MNAV, and I wanted to get your take just on where you need to see valuation before you might think about strategic acquisitions. As we think about targets, I mean, what would be the rough size of any target? You know, how many of these types of acquisitions would you be comfortable making? Thanks a lot. The crypto industry in general, with respect to the businesses that are built on it, are trading at compressed valuations right now. It is a good time to consider buying when there is a bear market or a mixed market in the sector. You kinda wanna avoid buying when it's frothy. We think it's an interesting time to buy, and there are a lot of great businesses out there. There are also a lot of not so great businesses out there, and we're in a good position with our balance sheet to buy a business that would strategically be aligned with Bit Digital and add revenue. I mean, there are a number of ways we can do this. It could be a trading or a market-making firm. It could be an Ethereum-adjacent infrastructure company. It could even be a company involved in that's participating in the agentic economy because we believe that there's an intersection with Ethereum and AI. These are the things we've been looking at. We started that process at the beginning of this year. We've spoken to a number of candidates. We continue being on the hunt, and we look forward to hopefully selecting a candidate in an acquisition or maybe more than one acquisition. As you mentioned, it could be more than one. When we do, we expect it to be, You know, we tend to be early at things, but they always tend to work out. We expect to be early in identifying whatever candidate we decide to acquire. We'll offer our rationale, and we'll see how it unleashes in terms of valuation in the future. Hey, Sam. I really appreciate that perspective. Just if I could try and clarify those thoughts. You would be using cash on the balance sheet because, you know, with BTBT trading at a discount to NAV, it would maybe make less sense to use your currency. Like you said, if there are, you know, good businesses trading at cheap discounts, this is kind of the time to take action. Is that a fair summary? That is a fair summary. Erke, do you agree? Yeah, absolutely. Okay. Very helpful. I'll turn it over, guys, but thanks for the update. Thank you. Again, if you would like to ask a question, you may press star one on your telephone keypad. We'll now take your next question coming from the line of George Sutton with Craig-Hallum. Hi, George. Hey, hey guys. logging on for George again today. thanks for taking the question. Sam, I'm curious to get maybe your thoughts on some of the new privacy-focused blockchains that seem to be getting more activity like Canton, for example. I guess how do you view those as competitors to Ethereum over time kind of competing for activity? I think it comes down to network effects. It's really difficult to get network effects in any private blockchain. It kind of reminds me of the intranet, if you recall. I just think you need network effects in order to make something quite valuable. That's just my opinion. I understand that others may disagree. I don't have enough knowledge about it for me to really opine too heavily, to be honest. Okay. Yep. No, fair enough. Just one other for me kind of thinking towards, you know, maybe an environment where capital raising is a bit more kind of the doors are open. I think in the past you've talked about trying to keep leverage down to, you know, 20% of Ethereum balances. I'm just curious if that's sort of still how you would approach that or if there's any flexibility to that. And, and would unsecured debt kinda still be your preferred route? I know other companies have been focused on preferreds, but just wanna get a better picture of kinda how that might work, you know, again, in a market environment that's kinda more conducive to it. Yeah. Erke, do you wanna take that? Yeah. Yeah. If I may add, yes, leveraging continue to be a, you know, key consideration, we were doing in fundraising, especially taking on, let's say, convertible or other, you know, debt form of financing. We, you know, continue to use, you know, 20% as the metrics for us making decision, you know, whether we like to put on more leverage on BTBT. Yeah, in terms of other forms of financing, you know, equity as another tool as well. As we all see Bit Digital as trading at a discount MNAV, with acquisition targets surfacing, you know, those were the tools we can use as well. Helpful. Okay. That's all for me. Thanks, guys. Your next question will come from the line of Brian Dobson with Clear Street. Hi, Brian. Hey. Hey, how are you doing? Thanks so much for taking my question. You know, Bit Digital's evolved a lot over the course of the past three years. Some very exciting opportunities ahead of you as we discuss strategic acquisitions. As you're thinking about the future, what do you think this business looks like in two years? Bit Digital, what it'll look like in two years? Yeah, as you're kind of evolving the business model. Yeah, I mean, we don't see the intersection of AI and Eth going away anytime soon. We expect to just really wanna participate in those future trends. During my earnings call today, I did talk about agentic AI, and I think that there's a natural home for counterparties to interact with each other, and that would be on Ethereum. We'd like to continue digging in on that theme, and we think that theme will only grow stronger over the next two years. Yeah, exciting times. Thanks a lot. It appears there are no additional questions at this time. I'll turn it back to you for your closing remarks. Thank you for joining us today. We do appreciate your continued interest and support, and we look forward to speaking with you again in the next quarter. There will be many announcements. Thank you. Till then. This concludes today's call. Thank Thank you for your participation. You may now disconnect.